Economy > Government deficits and debt > Government debt > General government gross financial liabilities: Countries Compared
DEFINITION:
For most countries, gross financial liabilities refer to the liabilities (short and long-term) of all the institutions in the general government sector, as defined in the 1993 System of National Accounts (SNA) or in the 1995 European System of Accounts (ESA). This definition differs from the definition of debt applied under the Maastricht Treaty essentially in two respects. First, gross debt according to the Maastricht definition excludes trade credits and advances, as well as shares and insurance technical reserves. Second, government bonds are valued at nominal values instead of at market value or issue price plus accrued interest as required by the SNA rules. The United States and Canada also value government bonds at nominal value. In principle, debts within and between different levels of government are consolidated; a loan from one level of government to another represents both an asset and an equal liability for the government as a whole and so it cancels out (is "consolidated”) for the general government sector.
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Interesting observations about Economy > Government deficits and debt > Government debt > General government gross financial liabilities
- Japan ranked first for government deficits and debt > government debt > general government gross financial liabilities amongst High income OECD countries in 1995.
- United States ranked second last for government deficits and debt > government debt > general government gross financial liabilities amongst Group of 7 countries (G7) in 1995.
- Italy ranked first for government deficits and debt > government debt > general government gross financial liabilities amongst European Union in 1995.
- 12 of the top 13 countries by government deficits and debt > government debt > general government gross financial liabilities are Christian.
- 22 of the bottom 27 countries by government deficits and debt > government debt > general government gross financial liabilities are European.
- All of the top 2 countries by government deficits and debt > government debt > general government gross financial liabilities are Heavily indebted.
- Greece ranked second for government deficits and debt > government debt > general government gross financial liabilities amongst NATO countries in 1995.
- Australia ranked last for government deficits and debt > government debt > general government gross financial liabilities amongst Non-religious countries in 1995.
- Ireland ranked second last for government deficits and debt > government debt > general government gross financial liabilities amongst Eurozone in 1995.
- Canada ranked first for government deficits and debt > government debt > general government gross financial liabilities amongst English speaking countries in 1995.